Taxi Insurance Comparison

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Taxi Insurance Comparison

No matter where in the UK you operate, be it Birmingham or Belfast, London or Liverpool, Leeds or Leicester, one annoying fact remains true, you’ll need Taxi Insurance. Being a cabbie can be a great and rewarding career, the banter with clients and the flexibility with hours are all perks that make many cabbies love their job. Of course working with members of the public on a regular basis and in congested cities also comes with it’s risks. Damages, liability claims and breakdowns are all common threats to a cabbies income. The best way to protect yourself against these unexpected costs is to take out the right Taxi Insurance at a great price. Whether you are looking at insuring a black cab or minicab for private hire or public hire, you’ll want to compare as many quotes as possible to ensure you’re getting the best deal possible.

The location in which you operate be it Northern Ireland, Scotland or London will all have a big impact on your insurance premiums. This is due to the risk factors associated with certain regions and the likelihood you’ll end up making a claim. Other factors that will influence your taxi insurance premiums include your actual taxi and its age, make and model. Your driving history will also be a big part of your insurance premium calculations as insurers will want to know if you have made any claims previously.

What is Taxi Insurance?

There are various different types of taxi insurance available on the market with varying levels of cover. These insurance products protect you against costs associated with third party damage costs as well as damage to your own cab depending on your coverage.

The most common types are:

  • Private hire taxi insurance
  • Public hire taxi insurance
  • Minibus, MPV taxi insurance

The level of coverage you can take out for taxi insurance is the same as regular car insurance, this excludes liability insurance in relation to passengers which can be added to your policy.

  • Third party only
  • Third party, fire and theft
  • Fully comprehensive.

Third party insurance is the minimum required level of insurance to legally drive on UK roads and so as a cabbie this is the bare minimum required insurance. Third party is usually the cheapest insurance option available to taxi drivers but will only provide cover for damage to third parties.

Comprehensive insurance on the other hand is the more expensive coverage but is superior to third party as it will cover the costs of damage to your cab, even when you are at fault.

Given that taxi drivers typically cover a much larger number of miles than a regular car

What type of insurance does a taxi need?

The minimum legal requirements for driving in the UK is third party insurance for all drivers, regardless if they are driving for business or private reasons. As mentioned above, the levels of coverage available to taxi drivers range from third party only, third party, fire and theft and comprehensive.

Public liability or taxi liability insurance is also strongly recommended as this will protect you against claims from passengers and members of the public. Instances where taxi drivers may be at risk include injuries or property damage to passengers, injury or damages to members of the public as a result of your services.

Public liability insurance can offer you cover from any successful claims with most public liability coverage insuring you for a minimum of £1 million. It can also be used for any legal defence costs you may insure such as hiring a lawyer.

How much is taxi insurance?

Although it is possible to get cheap taxi insurance, the exact price is difficult to determine with getting a quote. This is due to the fact that your insurance premiums are calculated by various different factors that are unique to you. These factors include but are not limited to the following.

  • The are you operate your cab
  • Where your cab is stored at night
  • The age of cab
  • Is your cab modified
  • Have you ever made any previous claims
  • Your driving history

Each lender will give these variables a different weighting when using them to decide your final premium price. Because of this you should always compare multiple lenders to ensure you are getting the best taxi insurance on the market.

Can I use my personal No Claims Bonus when I insure my taxi?

It is certainly possible to take advantage of your no claims bonus when insuring your no claims bonus, this will largely depend on the insurance firm you insure with. Some insurers will not allow for the utilisation of your personal no claims bonus when taking out a new policy but you may have access to lower premiums.

How to get cheap taxi insurance?

There are some solid and practical steps you can take as a cabbie to start saving on your insurance premiums. We’ve compiled a list of some common factors that can push your premium prices down.

  • Keep a clean driving record – Charges and previous driving offences will put off insurers and make them raise your premiums to compensate the risk.
  • Choose a cheaper cab – High end vehicles are always more expensive to insure and this goes for cabs too.
  • Maintain your cab – Keep your cab well serviced
  • Opt for higher excess – This will mean you pay more in the event of a claim but you pay less in your premiums
Why is taxi insurance so expensive?

Taxis typically travel far greater miles than their standard counterparts so there are more opportunities for breakdowns and accidents. The fact that taxi operators are usually dealing with members of the public on a regular basis in crowded population centres all increase the risk of an incident. As a result taxi insurance whether it be for private or public hire does tend to be more expensive than a regular car insurance policy. But it doesn’t have to be this way!

Here at, we have complied a panel of specialist UK based lenders. This means it’s never been easier to compare your options and get cheaper taxi insurance today!